House prices in the United Kingdom are "significantly overvalued," according to an international economic organization, the Financial Times reported Tuesday. The Organisation for Economic Co-Operation and Development warned of the danger of a protracted period of large house-price falls with implications for a slowdown in consumer spending, the Times reported. The group, described as an organization of the world's 30 wealthiest economies, said the current housing boom was unusual because of its duration, size and the degree to which it was widespread among the countries in the OECD, accounts said. Of the 15 countries with booming property markets, the group found that only the UK, Ireland and Spain were "significantly overvalued," according to reports. This was based on large statistical models, taking into account demand and supply. However, the OECD noted that even though the mortgage debt burden had risen, the ability to service that debt had improved since the early 1990s, repor...
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